Colorado legislators gaveled in the 2021 legislative session Wednesday, introducing seven bills, including one on reducing income tax that the Denver Metro Chamber supports.
The Chamber took a position of support on House Bill 1002, “Reductions Certain Taxpayers’ Income Tax Liability.” This bill restores, over time, certain federal tax deductions that were disallowed through 2020’s House Bill 1420. Specific deductions are related to net operating losses, federal excess business loss rules, interest expenses and qualified improvement property. House Bill 1002 restores some of the much-needed tax relief for Colorado employers that was passed in the federal CARES Act last spring.
We’re also tracking Senate Bill 001, “Modify COVID-19 Relief Programs For Small Business,” which would expand eligibility for the state’s COVID-19 relief program aimed at minority-owned businesses to “disproportionally impacted” businesses. It also moves the program from the Minority Business Office of Colorado to the Colorado Office of Economic Development & International Trade and extends deadlines for distributing relief payments.
The other five bills that were introduced are:
- Senate Bill 002: Extending Limitations On Debt Collection Actions
- Senate Bill 003: Recreate Occupational Therapy Practice Act
- House Bill 1001: Remote Participation in Party Committee Meetings
- House Bill 1003: Legislative Proceedings During Disaster Emergency
- House Bill 1004: Colorado Uniform Electronic Wills Act
Most of the bills and resolutions introduced Wednesday are procedural in nature, addressing changes to meetings and processes due to COVID-19 restrictions. The legislature plans to work through these issues by the end of the week and go into recess until Feb. 16.
If you missed Tuesday’s Business Legislative Preview with General Assembly leadership, you can still view the recording and read our summary of the event. Chamber President and CEO Kelly Brough was joined by Colorado legislators Sen. Kerry Donovan, Senate president pro tempore; Rep. Alec Garnett, House speaker-elect; Sen. Paul Lundeen, Senate minority whip; Rep. Hugh McKean, House minority leader; Josh Deakin, senior vice president and Colorado regional leader, Fidelity Investments; and Mark Spiecker, president of STAQ Pharma and Denver Metro Chamber board chair-elect. Ed Sealover, senior reporter for the Denver Business Journal, moderated the event.
Our Public Affairs team will continue to advocate on your behalf and track upcoming issues this legislative session. Follow the session with us by signing up for Chamber Policy Alerts.